PROBLEM 2-14 AA and BB are partners who share profits and losses in the ratio of 7:3, respectively. On January 1, 2021, their respective capital accounts were as follows: AA, P35,000; BB, P30,000. On...

Extracted text: PROBLEM 2-14 AA and BB are partners who share profits and losses in the ratio of 7:3, respectively. On January 1, 2021, their respective capital accounts were as follows: AA, P35,000; BB, P30,000. On that date, they agreed to admit CC as a partner with a one-third interest in the capital and profits and losses, and upon his investment of P25,000. The new partnership will begin with a total capital of P90,000. howoda Required: 1. How much is the capital balance of each partner after admission of CC? 2. Assuming that the agreed capital was P100,000, how much is the capital balances of each partner after admission of CC? od or 0S0S 000 81 ollot